Sales of luxury makes fell hard last year, with the tiered Additional Registration Fee (ARF) and financing restrictions being blamed.
After financing restrictions by the Government kicked in, not many can afford the hefty downpayment - thus a reduction in the number of first-time car buyers.
After another round of appeals by used car dealers to the Monetary Authority of Singapore (MAS), a meeting between the two parties has been set up again.
Over the final weekend before the loan reprieve ends for used car dealers, it was a quiet atmosphere at used car marts as there were fewer deals being done.
More details have been released on how the physically disabled will be exempted from the new curbs on car loan financing.
Several Members of Parliament (MP) continued to voice their concerns over the new financing restrictions set out by the MAS.
The Straits Times held its first car forum to answer questions from motorists about the recent financing restrictions implemented by the MAS.
Two Members of Parliament (MP) have voiced out their concerns over the new financing restrictions set out by the Monetary Authority of Singapore last week.
In a move to close loopholes in the new financing restrictions, the Government is set to review the Hire Purchase Act.
Following the new financing restrictions implemented by the MAS, some finance companies are taking advantage of loopholes that authorities are looking to close.
Let's find out how the new financing restrictions set out by the MAS may affect Certificate of Entitlement (COE) prices.